Seminar on Technology, Skills & Innovation in turbulent times for MSME's

MSMEs (Medium, Small and Micro Enterprises) are the backbone of India’s economy as they account for nearly 40 per cent of the country’s manufacturing. The sector is also a cradle and breeding ground for tomorrow’s industry champions. 

The rapid development in technology and globalisation, however, threatens the economic viability of many MSMEs, especially those lacking resources and foresight to keep them abreast with the latest development in their industry. The emerging environment however also presents a world of opportunities for MSMEs willing to adapt and master new technologies. This was the topic of discussion at the Business Standard Smart Business workshop on ‘Adding Value to MSMEs through Technology, Skills & Innovation in turbulent times’ organised in association with Nashik Industries & Manufacturers Association. It was held on September 25, 2018 at the NIMA House, Nashik. 

The session was opened by Mr. H S Banerjee, Executive Chairman, Epcos India Private Ltd., a TDK group company who exhorted entrepreneurs to take a product challenge and solve it rather than run for revenues and profits. “Over the years, I have been witness to many instances where quite a few of our vendors are now global leaders in their niche product areas”, he said. 

This became possible because the entrepreneur took the challenge thrown by us and delivered a superior solution at a globally competitive price. The entrepreneur believed in himself and his people and made the requisite investment in people and processes, added Mr. Banerjee. He requested entrepreneurs to discard their fear of new employees and hire a minimum number of fresh hands every year to impart new ideas and freshness in their enterprise.

Mr. Narendra Goliya, Founder and Chairman of Risabh Instruments, suggested entrepreneurs to never ignore the potential of international markets for the comfort of the domestic market. “We know that the domestic market is now large enough for many entrepreneurs. But if you want to remain at the cutting edge in your industry there’s nothing like selling your product in the developed markets of North America, Europe and Japan”, he said. Spend some money and participate in international trade shows such like those held in Germany, Japan and China if you want to be proud of your product, added Mr. Goliya. 

The audience appreciated the speakers’ emphasis on adoption of new technology but raised the issue of lack of funding for MSMEs due to a decline in lending by Public Sector Banks (PSBs) in last two years due to mounting bad loans from large enterprises. 

Mr. A R Gokhe, Director MSME Development Institute, Mumbai assured the audience about the government’s full support to the development of MSMEs sector given its central role in the realisation of the ‘Made in India’ programme. There has been a cut in the budgetary support given to the various MSME programmes but funds are still available to the top priority projects, especially those that allow small enterprises to upgrade their technology or invest in skill development, he added.